House Prices Likely To Climb This Year

HOUSE PRICES LIKELY TO CLIMB THIS YEAR

House prices across County Wexford are expected to rise by at least 5 percent this year according to the latest report from MyHome.ie.

The report says the increase is down to the ongoing economic recovery but it says house price inflation will start to level off this year.

It says prices in Meath have gone up by 16 percent and in Galway around 12 percent in 2015, with similar trends set to continue this year.

Chief Economist with Davy, Conall MacCoille, is author of the report.

He says the strong growth outside Dublin is not surprising.

“I think there’s no doubt there’s a big catch up outside of Dublin – you’re seeing house price inflation still of 9 percent, which is a pretty strong rate” he said.

“When we looked at affordability, we found – when you look at house prices in Dublin – its about six-times average incomes, so pretty stretched”.

“But in other areas of the country there’s kind of 3 to 4 – so I think there’s probably another 12 months of catch up outside of Dublin, and the recovery stared later there so that’s not too surprising” he added.

More News